Egypt secures seat on the executive board of the World Meteorological Organization

Newsletter

04 Jun 2023

Egypt secures seat on the executive board of the World Meteorological Organization. Egypt’s civil aviation sector, represented by the General Authority for Meteorology, has achieved a significant international milestone by winning a seat on the Executive Council of the World Meteorological Organization (WMO) for the 2023-2027 term. The victory came during the nineteenth session of the World Meteorological Congress, with the participation of 163 countries. This achievement coincides with the WMO’s 150th anniversary and the launch of the International Early Warning Initiative for All, emphasizing Egypt’s commitment to climate change resilience and the preservation of lives and property. (Arab Finance)

Samsung to build new phone manufacturing factory in Egypt.
Amr Talaat, the Minister of Communications and Information Technology, and JH Chung, Chairman of Samsung Electronics Egypt, have announced plans to establish a new Samsung factory in Beni Suef, Egypt. The factory, spanning 6,000 square meters, will produce cutting-edge mobile devices, showcasing a blend of Egyptian craftsmanship and global technology. With an estimated 1,400 job opportunities, the project aims to boost employment, particularly in Upper Egypt. Construction is set to commence in the last quarter of this year, furthering technology transfer and fostering the localization of the mobile industry in Egypt. (Arab Finance)
Hassan Allam Properties enters 500 million EGP sale-leaseback deal with Beltone.
Hassan Allam Properties (HAP) has signed a seven-year sale-leaseback agreement worth 500 million EGP with Beltone. Under the agreement, two HAP subsidiaries, International Company for Tourism and Development, and Katameya for Development, Tourism, and Real Estate, will sell their assets to Beltone and lease them back. Each subsidiary will receive 250 million EGP to finance the assets, although the specific assets and the utilization of the funds have not been disclosed. HAP is a prominent real estate developer with a substantial land bank, while Beltone Leasing is the leasing arm of Beltone Financial. (Enterprise)
TAQA Arabia set to go public on stock exchange this month.
TAQA Arabia, a subsidiary of Citadel Capital Group, is expected to go public on the EGX this month with a potential offering of up to 40%. Trading of its shares is scheduled to start in the third quarter. The Financial Group Hermes Holding is actively promoting the offering to international, Gulf, and local institutions. TAQA Arabia reported a consolidated net loss of 2.287 billion EGP for the period of January 2022 to December 2022, compared to a net loss of 2.278 billion EGP in the same period of 2021. (Arab Finance)
Google to implement vat on e-services in Egypt starting July.
Starting from July 1, 2023, Google has announced that it will introduce a value-added tax (VAT) of 14% on its e-services in Egypt. In an email sent to users over the weekend, the company stated that this move is in accordance with local laws. However, users can avoid the VAT if they provide Google with their Egyptian Tax ID number. (Enterprise)
Egypt aims to increase oil production by 11% in 2023.
Egypt plans to increase oil production to reach 650,000 barrels per day from the current 587,000 barrels, reducing reliance on imports and strengthening foreign currency reserves. This involves new field operations and expansions in the Gulf of Suez, supported by foreign investments. Egypt's exploration activities have expanded, with major companies securing exploration rights. The country aims to become a regional energy hub by utilizing natural gas resources and exploring liquefaction and re-exportation opportunities. (Asharq)
Normal navigation resumes in Suez Canal following withdrawal of a disabled oil tanker.
The Suez Canal Authority successfully towed the oil tanker "Sevigor" that had experienced a breakdown, temporarily obstructing ship traffic. The canal's main navigation control center swiftly responded to the malfunction, deploying three locomotives to assist in the towing process. With the completion of the towing, navigation resumed, ensuring the regular movement of ships through the canal. The Suez Canal is a vital shipping route and a significant source of hard currency for Egypt. (Asharq)
Al Baraka Bank empowers small and medium enterprises with financial solutions by unveiling "Izdihar" program.
Al Baraka Bank Egypt introduces the "Izdihar" program, offering up to 10 million EGP in financing with competitive rates and efficient procedures. The program aims to support and develop small and medium enterprises (SMEs), providing comprehensive banking and financing solutions. With a focus on SMEs, the bank has witnessed a significant increase in its SME financing portfolio, reaching 4.6 billion EGP by the end of 2022, an increase of 1.6 billion EGP. The launch of the Izdihar program is expected to further drive growth, aiming to provide 1.5 billion EGP in new financing for SME customers this year. (Al Mal)
Geniex Holding to develop advanced vaccines and biopreparations system.
Geniex Holding and the Unified Procurement Authority have partnered to establish the "Genvax" Academy, a comprehensive scientific system and manufacturer of biopharmaceuticals and vaccines. This collaboration aims to enhance the medical sector in Egypt and improve healthcare for patients. Geniex Holding is dedicated to implementing production projects, delivering advanced vaccines and medicines, and fostering strategic partnerships to support Egypt's development plan and promote the localization of the pharmaceutical and vaccine industry. (Al Mal)
Sumitomo Electric commences construction of pigtails cable factory.
Sumitomo Electric initiates construction of world's largest pigtails cable factory in Tenth Ramadan City. The company plans to invest 100-150 million USD in the project, with the aim of producing cables for 1 million cars annually and creating 3,500 new jobs. This factory will mark a significant milestone for Sumitomo Electric and is expected to have a substantial impact on the automotive industry. (Enterprise)